distressed office building and how to go about it

[Jeet Sangha]

Theres an office building with 20 office spaces. from pictures it looks like it needs complete renovation. asking $1mil. rent in area is $15-18 sf/yr. it's off of a freeway exit in a C- neighborhood. sf is 11000 and lot is 38000sf. I've never dealt with commerical before so i don't even know how to begin assessing the property to come up with an offer and what questions to ask the seller. any help is appreciated. i'm not sure what other info you guys may need so feel free to ask. 

Thank You,

[Jason Hirko]

@Jeet Sangha Based on the facts you've given, I can tell you two things for sure:

1. Your renovation will cost more than the purchase price, and

2. It is vacant, because no one sells a building making a 20% cap